Elliott wave analysis of EUR/GBP for April 30 - 2020

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EUR/GBP is finally moving higher from the corrective low at 0.8689. The break above minor resistance at 0.8737 was the first good indication that wave ii had completed. A strong rally in wave iii is underway to above 0.9499.

That said, we still need a break above short-term key resistance at 0.8868 to confirm the expected impulsive rally higher above 0.9499. The short-term risk is a break below 0.8693 that changes not only the 0.8689 corrective low but also the 0.8621 target before the correction from 0.9499 is completed.

R3: 0.8868

R2: 0.8759

R1: 0.8731

Pivot: 0.8711

S1: 0.8693

S2: 0.8675

S3: 0.8621

Trading recommendation:

We are long EUR from 0.8765 with our stop at 0.8670.

The material has been provided by InstaForex Company - www.instaforex.com